Homeowners may spend thousands of pounds on renovating a property before putting it on the market in the hope that they’ll see a good return on their investment. However, a lot of sellers can be left out of pocket. So, what are the most cost-effective ways to boost the value of a property?
Before selling a property, some homeowners may consider renovating a property to boost the value, but a property expert has warned it does not always guarantee an increase in the house price.
“A lot of sellers will often make the mistake of carrying out a refurbishment at a great expense, like a bathroom or kitchen, with grand designs, but at the end they don’t see a return on that investment,” explained Corey Askew, Head of Sales at Chestertons estate agents.
“People have done a lot of work but don’t see a return because it’s not to the taste of those buying the property.”
Corey advised against undertaking a large renovation or redoing a bathroom with bold colours.
Appointing a professional company to carry out a deep clean of a property can make a home a lot more appealing during house viewings.
“That will cost a couple of hundred pounds which I think is invaluable,” said Corey. “Because the smell of your home may be great to you, but it might not be to everybody else.”
Ensuring lightbulbs have been changed is also important, especially if a property does not let in a lot of natural light.
“These are the things that can be easily and cheaply rectifiable in advance and can make a big difference to a buyer’s journey,” explained Corey.
Creating a positive first impression is vital, so attention should especially be paid to the entrance of a property.
“I have had clients go so far as to repaint and refurbish the entrance hallway of a block of flats in order to make the best first impression and at their own expense,” said Corey.
Highlighting the importance of creating a good first impression, Corey said: “People will often decide within two minutes of walking into a property whether or not they’re going to buy it. They may take a little more time to work out what they’re going to pay for it, but their decision to actually buy it happens almost instantly.”
Some homeowners keen to make their property as appealing as possible have covered the expense of some repair work which hasn’t been their responsibility.
Corey highlighted one example where a client had paid for a new garden fence even though it had been the responsibility of a next-door neighbour.
“These are the lengths that people will go to,” he said
Ensuring holes or cracks in paint work have been touched up and repainted should be made a priority.
“It’s not usually structural issues that are a problem, but, when people walk around a property and see cracks, their initial instinct is to worry about them, so having those things sorted out before you put a property on the market is also very important,” said Corey.
To find out more about Chestertons estate agents, go to www.chestertons.co.uk.